Thursday, 24 July, 2014

 
Published July 17, 2014
F1 owners to cash in with new refinancing plan
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Shareholders in Formula One including private equity fund CVC are set to share a US$1 billion dividend thanks to a refinancing of the high-profile motor sport business - PHOTO: REUTERS

[LONDON] Shareholders in Formula One including private equity fund CVC are set to share a US$1 billion dividend thanks to a refinancing of the high-profile motor sport business.

Sources close to the deal confirmed a Sky News report on Thursday that Formula One's parent company was increasing its borrowings to US$3.8 billion from US$2.8 billion to fund the payout.

The deal is being arranged by Bank of America Merrill Lynch.

CVC is the largest shareholder in Formula One with a stake of around 35 per cent after investing in the sport eight years ago.